EU budget – financial framework for 2007– 2013

Since 1988, annual budget of European Union (EU) is planned according to the Financial Framework. The Financial Framework is the EU multiannual budget planning mechanism that indicates the maximum amount and the composition of foreseeable Community expenditure, the structure and ceiling for own resources, and the amount of annual EU budget.

Financial Framework for 2007-2013

At the European Council of 15-16 December 2005, the Member States agreed on the Financial Framework for 2007-2013. The total amount of the 2007-2013 EU multiannual budget was set at 1,045 % of the national gross income of the EU Member States, or EUR 862.3 billion.

For the decision on the distribution of the financial assets for 2007-2013 to take force, the Council, the EC and the EP had to sign an Interinstitutional Agreement. The Agreement serves to implement budgetary discipline, improve the annual budget procedure and co-operation of EU institutions on budget issues, and to ensure sound financial management. The Interinstitutional Agreement was signed on 14 June 2006 and entered into force on 1 January 2007.

The total amount of financing allocated to Latvia for the period 2007-2013 equals EUR 6.60 billion, of which EUR 4.62 billion are intended for the cohesion and structural funds and EUR 1.988 billion – for agriculture rural development.

In addition to the above mentioned financing allocated to Latvia, there are also opportunities to apply for financial support in the framework of joint EU programmes, the result being dependent on the quality of individual projects. Examples of such programmes are the 7th framework programme for research and technology development, Youth in Action, Culture 2007, Media 2007, etc.

Ministry of Foreign affairs.

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